5 replies on this article “How to declare Income From Bank Interest”

Please take last year’s interest as base & declare the same as your income in current Fy to your employer. In case the actual interest ‘ll be less than the declared one, you can claim refund from IT deptt. In case actual is more, you w’d have to pay remaining tax as usual.

Dear Vinu, please calculate your remaining tax liability & from your netbanking enabled account you can pay your due tax as self assessment tax. As you are salaried employee, from current FY i.e. 2013-2014, you can declare your interest income & the TDS amount from bank & your employer ‘ll deduct the remaining amount & you ‘ll not have to take pain to pay the remaining tax.

To pay the additional 10% tax
– you can calculate yourself from the Form 16A provided by your bank and pay it using below linkhttps://www.tin-nsdl.com/e-pay-furnish/e-payment.php
– You have already crossed the deadline, but you can still pay it along with the interest (for the tax on your interest income)
– If you are e-filing, you should declare the interest income as “1b Income other than from owning race horse(s):- Interest, Gross” in CG-OS spreadsheet
– If you are going to get help from tax advisor for filing the returns, they know how to do it